Real estate affordability sours Californians

Despite a drop in the percentage of California households in September able to afford a median-priced home compared to a year ago, affordability conditions made a slight improvement from the month before, according to a report released today by the California Association of Realtors.

The Housing Affordability Index, which measures the percentage of households that meet the minimum affordability requirements to purchase a median-priced home, dropped from 19 percent in September 2004 to 15 percent in September 2005, but gained 1 percentage point from August when it stood at 14 percen  more...

Former title insurance exec pleads guilty in $2.8M fraud

The former vice president of a Clayton, Mo., title insurance agency pleaded guilty Wednesday for his role in a $2.8 million mortgage scheme, the St. Louis Business Journal reported.

Thomas Kurzenberger Jr., 37, of Ballwin, Mo., pleaded guilty to one felony count of mail fraud, media accounts said. He faces a maximum penalty of 20 years in prison and/or a $250,000 fine, and restitution is mandatory, accounts said.

Kurzenberger is scheduled to be sentenced Jan. 24, 2006, and faces a maximum penalty of 20 years in prison and/or a $250,000 fine, accounts said.  more...

Fannie Mae hires new CFO, reveals more financial errors

Fannie Mae today revealed new financial accounting errors, along with the news that it has hired MCI's chief financial executive as its chief financial officer and made other staff changes.

In a filing with the Securities and Exchange Commission today, the mortgage giant confirmed that it will have to restate earnings by about $11 billion. Fannie Mae also said its board has appointed Robert T. Blakely as CFO and Mike Williams as chief operating officer, along with other reshufflings.  more...

Real estate rates hit 2-year high

Mortgage rates rose for the ninth consecutive week as a large increase in hourly wages fueled inflation fears, according to surveys conducted this week by Freddie Mac and Bankrate.com.

In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 6.36 percent for the week ended today, up from last week's average of 6.31 percent. The average for the 15-year fixed-rate mortgage is 5.89 percent, up from last week when it averaged 5.85 percent.  more...

LendingTree buys remaining stake in settlement company

LendingTree has acquired the remaining stake in LendingTree Settlement Services from Wachovia's GreenLink, the company said today.

LendingTree and GreenLink created LendingTree Settlement Services as a joint venture in 2004.

GreenLink supplies a range of national real estate settlement services, including appraisals, title searches, title insurance, closings and flood certifications to Wachovia's consumer lending and servicing units.  more...

Panel ponders rebirth of Gulf Coast region

Federal and local stakeholders will need to work together to create a transparent and coordinated process in rebuilding the storm-battered Gulf Coast area, said participants on a panel hosted by RTKL, an architecture and urban planning firm.  more...

Canada cracks down on real estate loan fraud

The Canadian province of Ontario is cracking down on mortgage fraud, introducing changes in its Real Estate and Brokers Act, the Mississauga News reported Wednesday.

Fines for mortgage fraud will increase and a new code of ethics for the mortgage industry with be introduced, among other things, media reports said.  more...

Nashville real estate prices bloom

Home prices in the Greater Nashville, Tenn., area jumped by double digits in October from their year-ago level, while sales rose 3.7 percent, according to figures provided by the Greater Nashville Association of Realtors.

The median residential price for a single-family home during October was $169,400, up 13.8 percent from a year ago when the median single-family home price was $148,900.  more...

Overnight real estate rates mostly flat

Long-term mortgage interest rates were steady Wednesday, and the benchmark 10-year Treasury bond yield jumped to 4.64 percent.

The 30-year fixed-rate average held at 5.89 percent, and the 15-year fixed-rate dipped to 5.47 percent. The 1-year adjustable was unchanged at 4.49 percent.

The 30-year Treasury bond yield gained to 4.84 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.  more...